High times for high grade as SSAs learn to live with tough times

A barnstorming week for supranational and agency borrowers defied dicey conditions in peripheral sovereign markets and looks to have set the precedent for weeks to come, say SSA bankers. Investors have displayed a renewed resilience when considering new bond issues that was absent last year in the face of comparable volatility, write Ralph Sinclair, Jo Richards and Tessa Wilkie.

  • 01 Jun 2012

"The market won’t shut down like it did last year," said an SSA syndicate manager considering the prospect of a spate of holidays next week followed by Greek elections the week after in addition to the already poorly state of Spanish and Italian government debt markets.

Investors have grown ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 14,544.75 18 10.40%
2 JPMorgan 13,122.11 20 9.38%
3 Citi 12,168.30 20 8.70%
4 HSBC 10,850.10 15 7.76%
5 NatWest Markets 9,080.61 8 6.49%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 34,822.11 93 12.14%
2 JPMorgan 25,979.10 64 9.06%
3 HSBC 25,138.94 58 8.76%
4 Bank of America Merrill Lynch 21,891.68 65 7.63%
5 Deutsche Bank 19,993.80 31 6.97%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,318.06 81 8.65%
2 Barclays 29,485.51 52 7.65%
3 HSBC 26,753.49 93 6.94%
4 UniCredit 26,134.28 69 6.78%
5 BNP Paribas 24,736.61 55 6.42%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 69,066.06 385 7.17%
2 Citi 65,940.01 242 6.84%
3 HSBC 62,024.66 232 6.44%
4 Barclays 53,951.51 196 5.60%
5 Deutsche Bank 45,779.29 142 4.75%